News

Insurance

Staff Reporter

, China

Published:

1 hour ago

/Ryoji Iwata from Unsplash

Commonwealth Bank to sell stake in Bank of Hangzhou to insurer

The Australian bank could make about A$940m in proceeds.

The Commonwealth Bank of Australia (CBA) plans to sell its 5.45% stake in Bank of Hangzhou Co., Ltd. (HZB) to Beijing-headquartered New China Life Insurance Co., Ltd. (NCI).

The sale is expected to generate about $590.8m (A$940m) in gross proceeds for CBA.

CBA CEO Matt Comyn highlighted the bank’s long-standing relationship with HZB, dating back to its initial investment in 2005.

The transaction is projected to deliver an 18-basis-point increase to CBA’s Common Equity Tier 1 (CET1) capital ratio, calculated on the Australian Prudential Regulation Authority framework using risk-weighted assets as of 30 September 2024.

If all conditions are met, the deal is expected to close by mid-2025.

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